Record to Report (R2R)
This component encompasses all activities that include the updating and maintenance of the general ledger, the reconciliation of sub ledgers to the general ledger and closing of books.
The record to report process begins with the collection of source transactions and accounting data and ends with the creation of reports. The key objectives of this component within IFMIS are:
- To apply period closure (e.g. monthly) procedures and routines within the IFMIS system to produce periodic financial and management accounts;
- To support the preparation of financial / statutory accounts and comply with the relevant regulatory standards e.g. Public Sector Accounting Standards;
- To provide accurate and timely financial information position at individual reporting level and Government-wide level; and
- Facilitate consolidation of Government-wide accounts in line with relevant International Standards on financial reporting in public sector.
This has ushered in a new era of a fully automated procurement process, from requisition, tendering, contract award, to payment. The shift from manual to e-procurement makes public procurement more efficient and effective. It also enhances visibility and accountability at all levels of the procurement process, for the benefit of all Kenyans.